When you’re in charge of your company’s health benefits plans, you want the most cost-effective solution for the business, but you also want to make sure your employees get the great coverage they deserve. With an Individual Coverage Health Reimbursement Arrangement (ICHRA), you can have both. ICHRAs help companies save on double-digit renewal rates with group plans and allow employees the ability to choose customized plans tailored to their specific needs from the individual market. While some people still believe individual and family plans don’t provide the same coverage as traditional group plans, we’re here to tell you that is 100% false. With proper communication, your employees will be happy to learn that plans on the individual market now offer a wide array of benefits that extend beyond the conventional. Below, we take a look at some of the surprising benefits found on the individual market.
Every plan is different, but with ICHRA, employees are given the freedom to evaluate individual plans available to them on the marketplace, and to prioritize one that provides coverage for what’s most important for their own health rather than having a pre-selected group plan with no flexibility. To find out if a plan has these features—or more!—the Affordable Care Act requires that all insurance companies have a Summary of Benefits and Coverage, including coverage examples that allow for comparison of what the plan would generally cover in two common medical situations. By embracing the evolving landscape of healthcare, you're not only providing your team with quality coverage but also affirming your dedication to their well-being, growth, and happiness.
To answer more of your questions about ICHRAS, see our comprehensive FAQ guide.